New guidance clarifies credit provider scope under item 11
Final PCC 23A sharpens the definition of credit providers, confirming broad inclusion while drawing clearer lines around incidental credit and non-traditional lending.
#financialregulation
Funds on the hook as Adjudicator flags failures in benefit payments
Rulings show weak controls can force retirement funds to repay benefits years later, with interest.
Deepfake profits and ‘overwhelming’ illegality: Banxso liquidated
The High Court finds Banxso knowingly benefited from deepfake adverts, misled clients about its licence and returns, and is ‘hopelessly insolvent’.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Appeals Board ruling puts Centriq–Dis-Chem partnership on the line
In Circular 48, the CMS signals tougher enforcement against exempted insurers, warning that non-compliant branding and failure to notify regulators will attract decisive action.
Suretyships mean what they say: advisers learn hard lessons after broker house collapse
A Northern Cape High Court ruling shows how easily advisers can be left personally exposed.
SARB’s new exchange control rules draw criticism
The Institute for International Tax and Finance says the latest exchange control changes could discourage foreign investors and add red tape for non-residents.
Sanlam Collective Investments hit with R10.6m FIC Act penalty
Despite the FSCA’s findings of RMCP gaps, SCI confirms that client funds remain secure and no money laundering or terrorist financing was detected.
FSCA collects R119m in fines amid record enforcement year
In response to South Africa’s greylisting, the Authority has grown its AML/CFT team, increased on-site inspections, and ramped up fines.
Proactive regulation key to market integrity, says Kamlana
The FSCA is closing the prudential gap between banks and non-bank OTC derivative providers, signalling higher capital and risk-management standards.
COFI | Financial institutions should start their transition planning now
Early preparation will ensure agility and competitiveness once the new regime takes effect.
SA edges closer to mandatory sustainability reporting under global ISSB standards
A new partnership between the FSCA and IFC signals a clear intent by regulators to align corporate disclosure rules with global sustainability standards.
Do fines deliver justice for victims of financial misconduct?
The FSCA’s success in collecting penalties remains uneven because of several structural and legal challenges.
FSCA gears up for tougher enforcement as scams and misconduct rise
From funeral policy breaches to crypto non-compliance and weak AML measures, the regulator’s latest report outlines its key priorities – with online harm topping the list.
COFI is coming – and FSPs can’t afford to wait
Early preparation for COFI will give firms a competitive edge and help to avoid the compliance scramble seen during FAIS implementation.
FSCA warns of surge in impersonators using fake credentials to scam investors
Fraudsters are posing as the FSCA and licensed financial service providers on social media.
